Ann: FY24 Full Year Results Announcement, page-28

Have only followed this from afar but took a quick look given the market reaction. Based on last close it was trading on FY24 P/E of almost 200x. If I just look at the ARR numbers alone, the trend is slowing fast:

FY20: grew ARR by $25M or +58%
FY21: grew ARR by $22M or +32%
FY22: grew ARR by $38M or +42%
FY23: grew ARR by $51M or +40%
FY24: grew ARR by $25M or +14%

Then looking at their FY25 guidance, using midpoints they're projecting +11% revenue growth (versus 28% prior) and 7% EBITDA growth. It doesn't look like there was an investor call but the forward-looking guidance in the announcement was very light touch, so hardly surprising market is going to shoot first and ask questions later. If you assume their NPAT is similar in 2025 to 2024 (given flattish EBITDA growth) then at $9.20/sh they're still trading on >150x P/E, only without the aggressive growth.